(1) If in any income year any such expenditure is allowed as deduction under this chapter which represents an asset in whole or in part, no further deduction shall be allowable in
respect of that asset in the same income year.

(2) In allowing any expenditure under section 49, the commercial reasonableness of the expenditure concerned shall be considered and the following factors shall be taken into account in considering the commercial feasibility, namely:—

(a) if the expenditure incurred is for the purpose of earning income from the business;

(b) if the expenditure incurred is revenue in nature; and

(c) if the expenditure incurred is reasonable in the circumstances.